Smart Home Market is Likely to Rise at a CAGR of 22.5% during the Forecast Period, notes TMR Study
- The global smart home market is predicted to grow due to customers' burgeoning interest in developing houses fitted with remotely controlled heating, lighting and various security features.
- In comparison to other regions, the cost of installation and setup for smart home solutions and products is lower in North America, which is anticipated to fuel the North America market.
ALBANY, N.Y., May 5, 2022 /PRNewswire/ -- The value of the global smart home market stood at US$ 87.2 Bn in 2020. The global market is likely to rise at a CAGR of 22.5% during the forecast period, from 2021 to 2031. The global smart home market is expected to reach the value of US$ 767.3 Bn by the end of 2031.In order to maintain a competitive advantage over other participants in the global smart home market, manufacturers are focusing on robust multi-room audio, better sound quality, and more of smart-home functionalities. They are working on gadgets that would allow for all-around listening as well as quick booking of ticket and hotel reservation. Technological advancements in smart home digital assistants, on the other hand, have become stagnant. As a result, players in global smart home market are concentrating on integrating speech and visual capabilities into devices to increase product adoption.
The subject of security upgrades for smart homes is a popular issue in the smart home market. Video doorbells and smart locks are becoming more common in the global market. End consumers have been prompted to invest on future-proof home security options due to an increasing prevalence of thefts and precarious personal safety.
Firms in the global smart home market are likely to profit from this growing trend as home security is one of the primary concerns that people want in their homes. As a result, there is an increasing need for solutions that provide real-time updates and notifications, particularly for users who are away from home.
In the market for home security systems, remote monitoring of surveillance cameras and door locks has become essential. Traditional security features such as deadbolt locks and doorbells are being replaced with smarter and better versions of these locks by companies offering such services.
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Key Findings of Market Report
In their respective voice-enabled gadgets, Amazon and Google are vigorously experimenting and innovating. However, there is a growing public awareness regarding data security concerns about how these internet behemoths acquire and exchange data. As a result, smart home businesses are improving devices that can automatically wipe out user recordings on a regular basis, restricting a user's access to previous voice instructions.
Smart glass is becoming increasingly popular in the high-end smart houses of high-net-worth individuals. Most consumers choose auto thermal heating and cooling in response to external weather changes. As a result, the global smart home market is expected to expand due to an increase in smart glass installations in global smart home market, house balconies, and sunroofs.
In the business for home security systems, remote management of security cameras and door locks has been gaining traction. Market players are replacing traditional security features such as doorbells and locks with intelligent variants of these systems, thus offering more security to the residents.
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Global Smart Home Market: Growth Drivers
- In the aftermath of the COVID-19 pandemic, several people are racing to medical stores to buy masks, disinfectant sprays, and various other personal protective equipment (PPE) to combat the deadly virus. The popularity for smart air purifiers has also risen as a result of this trend. However, some people are questioning if smart air purifiers have the ability to eliminate coronavirus particles. As a result, corporations are developing smart air filters and ramping up their R&D efforts to confirm coronavirus particle sizes.
- The idea of fun-to-have technologies that can answer random questions, play music, and monitor the weather is gaining traction throughout the world. Firms are stepping their attempts to eradicate the need for wake phrases like OK Google or Alexa in their product lines in order to improve the user experience. The smart home market is growing due to such creative technologies.
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Global Smart Home Market: Key Competitors
- Honeywell International Inc.
- Schneider Electric SE
- Johnson Controls PLC.
- Assa Abloy AB
- Emerson Electric Co.
- Siemens AG
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Global Smart Home Market: Segmentation
Technology
- Wired
- Wireless
Product
- Lighting Control
- Security and Access Control
- HVAC Control
- Entertainment
- Smart Appliance
- Smart Speakers
- Smart Kitchen
- Others
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